Ownership and Control: A Spanish Survey
The paper analyses the ownership structure of a large sample of Spanish listed companies. The results are analysed in terms of governance implications under the agency theory context. The results show a picture with concentrated ownership where stock markets are relatively low important. Direct ownership and voting blocks, which account for indirect ownership through third companies, are larger for non-financial firms followed by families or individuals and financial firms other than banks. Nevertheless, the use of intermediate companies (pyramiding), is not frequent according to our data. Banks seem not to play the important role they did in the past and the recent privatisation reduced to a minimum level, state shareholdings on listed companies.
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- Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999.
"Corporate Ownership Around the World,"
Journal of Finance,
American Finance Association, vol. 54(2), pages 471-517, 04.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.